The Central Bank of Nigeria (CBN) has granted approval to Ascensia Finance Company Limited to operate as a finance company.
This has added to the growing number of licensed financial institutions positioned to support economic growth through access to credit.
The approval was communicated in a letter signed by Dr. Abubakar Shebe, on behalf of the Director of the Financial Policy and Regulation Department of the apex bank
The regulatory green light aligns with the provisions of the Central Bank of Nigeria Act of 2007 and the Banks and Other Financial Institutions Act (BOFIA) 2020, as well as other regulatory guidelines issued by the CBN.
The company has been requested to inform the Central Bank of the date it intends to commence operations, which will enable the regulator to update its records. The official license, according to the CBN, will be issued in due course.
